Boris Johnson determined to impose severe sanctions against Putin, avows 'he must fail'

As Moscow's aggression against Kyiv continues to mount, UK Prime Minister Boris Johnson on Monday announced that he is holding discussions with G7 partners to impose the most severe economic measures possible against Russian President Vladimir Putin for his "abhorrent campaign against Ukraine." Taking to Twitter, Johnson informed that the UK government has levied a fresh set of economic sanctions aiming to "further isolate Russia" from the international financial system. The additional penalties comes after UK Foreign Secretary Liz Truss, on February 22, outlined 10 points banning private and state-owned companies in Russia from dealing in British markets.

In a statement released by Downing Street on Monday, the authorities informed that the targetted economic sanctions are expected to have "severe consequences" on Putin and the Russian economy. "The UK Government’s intention to take further restrictive economic measures in response to the invasion of Ukraine by Russia by targeting the Central Bank of the Russian Federation (CBR)," the statement said. The action has been taken in line with the US and the European Union, "to prevent the CBR from deploying its foreign reserves in ways that undermine the impact of sanctions imposed by us and our allies, and to undercut its ability to engage in foreign exchange transactions to support the Russian rouble," the statement explained.

As of Monday, UK Government is preparing to take all steps "immediately" for the fastest implementation of the restrictions. The new measures will also prohibit any UK natural or legal persons from undertaking financial transactions involving the CBR, the Russian National Wealth Fund, and the Ministry of Finance of the Russian Federation, the UK government informed.

"These measures demonstrate our determination to apply severe economic sanctions in response to Russia’s invasion of Ukraine. We are announcing this action in rapid coordination with our US and European allies to move in lockstep once more with our international partners, to demonstrate our steadfast resolve in imposing the highest costs on Russia and to cut her off from the international financial system so long as this conflict persists," UK Chancellor of the Exchequer Rishi Sunak said in a statement.

Severe sanctions against Russia

The new measures will prohibit UK persons from undertaking financial transactions involving the Central Bank of the Russian Federation, the Russian National Wealth Fund, and the Ministry of Finance of the Russian Federation. In addition, it will also restrict Russian companies from issuing transferable securities and money market instruments in the UK. This will form a sweeping addition to existing financial restrictions. Notably, this is in addition to the prohibition of the Russian state raising sovereign debt in the UK already announced, the UK government said. London imposed a ban on the export of a range of high-end and critical technical equipment and components in sectors including electronics, telecommunications, and aerospace.

UK offers additional humanitarian package worth $53mn

Ahead of the additional sanctions, UK on Sunday announced an additional package of $53 million (£40mn) in aid to provide vital medical supplies and assistance to Ukraine, in a bid to bolster Ukrainian resistance to the Russian invasion. In a statement released by UK PM Boris Johnson's office, the authorities mentioned that the funding will help aid agencies to respond to the deteriorating humanitarian situation in the war-torn nation. The aid supplies will include critical amenities like medicines, syringes, dressing and wound care packs.

Russia-Ukraine war

The developments come against the backdrop of the ongoing contentious battle between Russia and Kyiv. Russian President Vladimir Putin announced the invasion in a live presser on state television, saying that the attack was aimed at "demilitarisation and denazification" of Ukraine and not to re-claim the ex-Soviet nation as a part of Russia. So far, at least 352 civilians and military personnel have been killed on the Ukrainian side, in addition to massive infrastructural damages. Footages surfaced online showed thick mushroom clouds billowing from the impacted areas. Meanwhile, Russia continued its shelling the outskirts of the city. So far, over 350 have reportedly been dead in Ukraine, including 16 children, as per the Ukraine health ministry, although the United Nations predicts that the on-ground toll is much higher. The countries step into the fifth day of devastation and destruction, pushing over millions out of their homes and thousands fleeing the country in fear of lives.

(Image: AP)